Farmers' Sav. Bank v. Murphree
Supreme Court of Alabama
Appeal from Chancery Court, Blount County ; A. H. Benners, Chancellor. Bill by John M. Murphree against the Farmers’ 'Savings Bank to set aside a mortgage foreclosure sale, for resale, and to be allowed to redeem from said sale, or to have a decree for the amount of the purchase money over the amount due to the appellant’s bank. Decree for complainant, and respondent appeals.
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Appeal from Chancery Court, Blount County ; A. H. Benners, Chancellor. Bill by John M. Murphree against the Farmers’ 'Savings Bank to set aside a mortgage foreclosure sale, for resale, and to be allowed to redeem from said sale, or to have a decree for the amount of the purchase money over the amount due to the appellant’s bank. Decree for complainant, and respondent appeals. The facts and the relations of the parties are as follows: Murphree was the payee and owner of five promissory notes for $300 each, due, respectively, November 15, 1914, 1915, 1916, 1917, and 1918, which were secured by…
1Opinion of the CourtSomerville, J.
[1] By his transfer of one of the mortgage notes to appellant bank the mortgagee, Murphree, not only gave to it priority in its satisfaction out of the mortgage security, but he also armed the transferee with the right and power to proceed to a foreclosure of the mortgage, pursuant to its powers, for such satisfaction. Brewer v. Atkeison, 121 Ala. 410, 413, 25 South. 992, 77 Am. St. Rep. 64; Cullum v. Erwin, 4 Ala. 452.
[2] The decree of the chancellor does not indicate upon what ground appellant’s foreclosure sale was held as invalid and set aside. Equity does not set aside foreclosure sales…
2Cases cited5 opinions
- Mahone v. WilliamsSupreme Court of Alabama · 1863
- Cullum v. ErwinSupreme Court of Alabama · 1842
- Mewburn's Heirs v. BassSupreme Court of Alabama · 1886
- Webster & Wilson v. SingleySupreme Court of Alabama · 1875
- Brewer v. AtkeisonSupreme Court of Alabama · 1898
3Cited by13 opinions
- Gilroy v. RybergNebraska Supreme Court · 2003
- De Moville v. Merchants & Farmers BankSupreme Court of Alabama · 1939
- Hill v. JohnsonSupreme Court of Alabama · 1925
- Perry v. Federal National Mortgage Ass'nCourt of Civil Appeals of Alabama · 2012
- State v. WoodwardSupreme Court of Alabama · 1922
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